US Spending Growth Weakest Since February

Amid worries that the US consumer is tapped out (or maxed out), it appears that despite disappointment at no gain in income, spending rose 0.3% MoM (as expected)

Source: Bloomberg

But both income and spending growth slowed YoY (Spending growth weakest since Feb)

Source: Bloomberg

The savings rate tumbled from 8.1% to 7.8%...

Finally, despite 30% of respondents planning to rein in their spending this holiday season, Bloomberg's Buying Climate survey has never been higher ahead of Black Friday...

Source: Bloomberg

Of course, with credit card rates at record highs...

...all that spending what you don't have will come at a serious cost in January.